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<p>[QUOTE="Anonymous, post: 4953374"]Nope! </p><p><br /></p><p>Harvey Berger, Ariad Pharmaceuticals</p><p><br /></p><p>Years ago, Berger was one of the more despised CEOs in bio-pharma. He was viewed as a self-serving bully with an anger problem. At one point in 2008, the independent directors serving on Ariad's board resigned because of Berger. Then Ariad started to develop the leukemia drug ponatinib and the results were impressive. Wall Street investors held their nose and bought Ariad stock, hoping Berger wouldn't screw up a good thing.</p><p><br /></p><p>For awhile, the strategy worked really well. Ponatinib advanced through clinical trials and was granted FDA approval in December 2012. Ariad's stock price soared, investors were happy. Berger toned down his act and even seemed on a path of redemption.</p><p><br /></p><p>But no. Call it reversion to the mean, bad luck or both, but Berger's behavior and decision making disintegrated in 2013. The toxicity and side effects associated with ponatinib (now known as Iclusig) became an issue soon after the drug was launched in January. On conference calls, Berger lashed out at critics or seemed defensive. He made excuses for selling Ariad stock. Worst of all (and unknown to investors) Berger was engaged in a fight with the FDA over the agency's growing concerns about blood clots and other heart safety side effects tied to Iclusig. Refusing to cooperate with FDA, particularly when the fight involves serious drug toxicity and the safety of patients is a losing game.</p><p><br /></p><p>Berger lost. Ariad's patients, employees and shareholders lost too. And once again, Berger is one of the most despised CEO in bio-pharma.[/QUOTE]</p><p><br /></p>
[QUOTE="Anonymous, post: 4953374"]Nope! Harvey Berger, Ariad Pharmaceuticals Years ago, Berger was one of the more despised CEOs in bio-pharma. He was viewed as a self-serving bully with an anger problem. At one point in 2008, the independent directors serving on Ariad's board resigned because of Berger. Then Ariad started to develop the leukemia drug ponatinib and the results were impressive. Wall Street investors held their nose and bought Ariad stock, hoping Berger wouldn't screw up a good thing. For awhile, the strategy worked really well. Ponatinib advanced through clinical trials and was granted FDA approval in December 2012. Ariad's stock price soared, investors were happy. Berger toned down his act and even seemed on a path of redemption. But no. Call it reversion to the mean, bad luck or both, but Berger's behavior and decision making disintegrated in 2013. The toxicity and side effects associated with ponatinib (now known as Iclusig) became an issue soon after the drug was launched in January. On conference calls, Berger lashed out at critics or seemed defensive. He made excuses for selling Ariad stock. Worst of all (and unknown to investors) Berger was engaged in a fight with the FDA over the agency's growing concerns about blood clots and other heart safety side effects tied to Iclusig. Refusing to cooperate with FDA, particularly when the fight involves serious drug toxicity and the safety of patients is a losing game. Berger lost. Ariad's patients, employees and shareholders lost too. And once again, Berger is one of the most despised CEO in bio-pharma.[/QUOTE]
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Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
ARIAD
>
Would you come back?
>
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
ARIAD
>
Would you come back?
>